CoinDesk launches proprietary Bitcoin Price Index

Mr. Charles Dow and Mr. Edward Jones probably felt this way at the launch of their now-famous average. A benchmark price index established by a reputable publisher is a significant milestone for any industry. Its importance becomes amplified with the benefit of hindsight. This week, CoinDesk launches its proprietary Bitcoin Price Index (BPI) aiming to establish the standard retail price reference for industry participants and accounting professionals. Wholesale exchanges and dark pools may trade around other price points, but those are usually private trades and not available to retail businesses and individuals. The new CoinDesk index represents an average of leading global bitcoin exchanges but the formula is flexible enough to maintain only those exchange rates that conform to certain minimum criteria for price discovery and validity. Initially, those specific criteria ...